B. Riley Financial confirms unsolicited proposal to be taken private

B. Riley Financial announced that its Board of Directors has received an unsolicited preliminary, non-binding letter of proposal, dated August 16, 2024, from the company’s founder, chairman and co-CEO, Bryant Riley, to acquire the outstanding shares of the company not currently owned by Riley, in a transaction to take the company private, at a proposed purchase price of $7.00 per share. According to the proposal, Riley intends to finance the transaction with debt and, potentially, equity from third party capital providers. The proposed transaction would be subject to the “majority of the minority” stockholder approval, and other customary conditions. The proposed transaction would not be subject to a financing condition. The company’s Board of Directors expects to establish a Special Committee consisting of independent directors with its own advisors to carefully evaluate the proposal and determine the appropriate course of action and process. There is no assurance that the proposal will result in a transaction.